At a glance
DON charges 0.38% a year, above the 0.21% average of the 8 funds most like it (the 7th cheapest of 9). It has $3.96B in assets, the 3rd largest of that group; it paid 2.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +16.5% a year. At its worst it fell 46.5% in the 2020 crash (S&P 500: 33.7%) and 15.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows. Its ten largest positions make up 10.7% of the fund, out of 294 in all.
The short version
WisdomTree U.S. MidCap Dividend Fund (DON) is an index ETF that tracks the WisdomTree U.S. MidCap Dividend Index. As of June 30, 2026, that meant 294 mid-sized U.S. companies that pay regular cash dividends. Most mid-cap funds weight companies by size. DON weights them by the dividends they are expected to pay, and it pays income monthly. That approach costs 0.38% a year, above the 0.21% average of similar funds.
Price history
The interactive chart needs JavaScript.
DON +12.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DON official prospectus, to Dec 31, 2025 | — | +3.91% | — | +10.88% | +9.51% | — |
| Wisdom Tree U.S. Mid Cap Dividend Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +4.26% | — | +11.34% | +9.91% | — |
| S&P Mid Cap 400 Value Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +7.58% | — | +11.01% | +10.69% | — |
| S&P Mid Cap 400 Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +7.50% | — | +9.12% | +10.72% | — |
| DON price data to Oct 27, 2026 | +11.9% | +12.2% | +16.5% | +8.6% | +9.7% | +9.2% |
- Over the year to Oct 27, 2026, DON returned +12.2%, 4th of 9 among similar funds.
- Its 5-year annualized return was +8.6% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 46.5% and regained its old high 10.6 months after the low.
- Its worst full calendar year was 2008 (-32.3%); its best was 2013 (+33.3%).
- The deepest fall in its price history was 61.9% (Jun 4, 2007 to Mar 9, 2009), recovered by Mar 30, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +3.9% | +3.91% |
| 2024 | +14.3% | +14.12% |
| 2023 | +14.1% | +13.98% |
| 2022 | -4.7% | -4.76% |
| 2021 | +30.4% | +30.19% |
| 2020 | -5.4% | -5.40% |
| 2019 | +23.4% | +23.42% |
| 2018 | -8.2% | -8.27% |
| 2017 | +14.9% | +14.86% |
| 2016 | +20.4% | +20.30% |
| 2015 | -1.1% | — |
| 2014 | +15.3% | — |
| 2013 | +33.3% | — |
| 2012 | +14.4% | — |
| 2011 | +5.3% | — |
| 2010 | +21.6% | — |
| 2009 | +31.9% | — |
| 2008 | -32.3% | — |
| 2007 | -5.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.2% over that stretch · deepest drop along the way 60.2%, back to its old high 22.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.1% over that stretch · deepest drop along the way 46.5%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.7% over that stretch · deepest drop along the way 15.7%, back to its old high 4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0000 | |
| 2025 | $1.3300 | +12.7% |
| 2024 | $1.1800 | +4.4% |
| 2023 | $1.1300 | -0.9% |
| 2022 | $1.1400 | +17.5% |
| 2021 | $0.9700 | -1.0% |
| 2020 | $0.9800 | +5.4% |
| 2019 | $0.9300 | +10.7% |
| 2018 | $0.8400 | +4.6% |
| 2017 | $0.8033 | +2.1% |
| 2016 | $0.7867 | +1.7% |
| 2015 | $0.7733 | +6.4% |
| 2014 | $0.7267 | +26.0% |
| 2013 | $0.5767 | -16.8% |
| 2012 | $0.6933 | +65.1% |
| 2011 | $0.4200 | -11.9% |
| 2010 | $0.4767 | +22.2% |
| 2009 | $0.3900 | -38.1% |
| 2008 | $0.6300 | +20.4% |
| 2007 | $0.5233 |
What's inside
As of Jun 30, 2026, the fund held 294 securities; the ten largest made up 10.67% of assets.
| Holding | Weight | |
|---|---|---|
| FRANKLIN RESOURCES INC | 1.41% | |
| VIATRIS INC | 1.28% | |
| BEST BUY CO INC | 1.27% | |
| STANLEY BLACK & DECKER INC | 1.08% | |
| AMERICAN FINANCIAL GROUP INC | 0.97% | |
| ANTERO MIDSTREAM CORP | 0.95% | |
| APA CORP | 0.95% | |
| SNAP-ON INC | 0.94% | |
| HASBRO INC | 0.92% | |
| PERMIAN RESOURCES CORP | 0.89% | |
| OGE ENERGY CORP | 0.88% | |
| OMNICOM GROUP INC | 0.88% | |
| CLOROX COMPANY | 0.86% | |
| PINNACLE WEST CAPITAL CORP | 0.85% | |
| AES CORP (THE) | 0.85% |
By country
United States 99.36%Puerto Rico 0.41%By asset type
Stocks 99.77%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $35.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.78%, -0.56%, +2.90%.
How it works
DON is a passive fund, meaning it follows an index rather than relying on a manager's picks. WisdomTree builds the index from its own list of U.S. dividend payers. It removes the 300 largest companies, then keeps the firms that make up the top 75% of the remaining market value. To qualify, a company must have paid regular cash dividends over the prior 12 months, be worth at least $100 million, and trade at least $100,000 a day (median) over three months. As of June 30, 2026, index members ranged from $2.4 billion to $33.1 billion in market value, with an average of $9.8 billion.
Once a year, each company is weighted by its share of the total cash dividends the group is expected to pay over the coming year, based on its latest declared dividend. Bigger payers get bigger weights. At that annual reset, no sector can exceed 25%, and real estate is capped at 10%. Between resets, weights can drift above those caps. The fund may hold a representative sample of the index rather than every stock, but it keeps at least 80% of its assets in index members or similar investments.
The result is a widely spread portfolio. As of June 30, 2026, the 10 largest holdings were 10.67% of assets. Franklin Resources was the biggest at 1.4%, and Financials and Industrials were the heaviest sectors.
What it really costs
- DON charges 0.38% a year, versus an average of 0.21% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DON | $39 | $122 | $213 | $480 |
In a retirement portfolio
DON adds mid-sized U.S. dividend payers to a portfolio built mostly on large companies, with modest monthly income, but its history of deep losses rules out a defensive role.
DON could add mid-sized companies and a monthly dividend to a large-cap core. As of October 27, 2026, its trailing 12-month yield was 2.5%, or $1.42 a share. It costs 0.38% a year. Under the SEC's standard example, that is $39 in the first year on $10,000. Owning dividend payers did not shield it in crashes. It fell 60.2% in the 2008 financial crisis and did not recover until January 2011. Its deepest drop, 61.9% from June 2007 to March 2009, took about 25 months to recover from the low. It also fell 46.5% in the 2020 COVID crash and 15.7% in 2022. Its worst calendar year was 2008, at -32.3%. Anyone forced to sell shares in a slump could lock in steep losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want mid-sized U.S. dividend payers, like Franklin Resources, Snap-On and OGE Energy, weighted by dividends instead of company size.
- People who value monthly income: the fund paid $1.42 a share over the 12 months to October 27, 2026, a 2.5% yield.
- Long-term holders of large-cap funds who want broad mid-cap exposure across 294 stocks, with no holding above about 1.4% as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: 0.38% a year is well above Vanguard S&P Mid-Cap 400 ETF (IVOO) at 0.07% and the 0.21% peer average.
- Anyone who can't stomach deep drops: the fund fell 61.9% from 2007 to 2009 and 46.5% in the 2020 COVID crash.
- Investors seeking high yield or index-beating growth: 2.5% is modest, and the fund trailed the S&P MidCap 400 Index over 1 and 10 years through 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DON this fund | — | 0.38% | $3.96B | +12.2% | +16.5% |
| EZM WisdomTree U.S. MidCap Fund | 51% | 0.38% | $938.6M | +13.8% | +18.1% |
| BKMC BNY Mellon US Mid Cap Core Equity ETF | 45% | 0.04% | $647.8M | +8.5% | +17.9% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity E… | 43% | 0.07% | $2.03B | +16.5% | +22.2% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 42% | 0.15% | $2.68B | +12.1% | +17.8% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 42% | 0.18% | $8.73B | +12.0% | +17.8% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 41% | 0.15% | $426.1M | +12.5% | +18.3% |
| PTMC Pacer Trendpilot US Mid Cap ETF | 41% | 0.6% | $391.5M | +11.3% | +10.7% |
Questions investors ask
Does DON pay monthly dividends?
Yes. DON pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.42 a share, a trailing yield of 2.5%. The amount can change from month to month because it depends on dividends from the fund's 294 holdings, which include Franklin Resources, Viatris and Best Buy. If those companies cut their payouts, DON's income falls too. The prospectus lists that as a principal risk.
Is DON good for retirement income?
DON can supply monthly income, but the yield is moderate rather than high: 2.5% as of October 27, 2026. Its price has also swung widely. It lost 60.2% in the 2008 financial crisis and 46.5% in the 2020 COVID crash, and it took about 22 and 11 months to recover. Retirees who might need to sell shares in a downturn may want to weigh that history. It may fit better as one part of a broader mix.
What's the difference between DON and EZM?
Both are WisdomTree mid-cap ETFs that cost 0.38% a year, and they share about 51% of their holdings. DON's index admits only companies that paid regular cash dividends and weights them by expected dividends. EZM, the WisdomTree U.S. MidCap Fund, is not limited to dividend payers. As of October 27, 2026, EZM returned 13.8% over one year and 18.1% a year over three years, compared with 12.2% and 16.5% for DON. DON is the larger fund.
What is DON's expense ratio?
DON's expense ratio is 0.38%, according to its prospectus filed July 29, 2026. Under the SEC's standard example ($10,000 invested, a 5% annual return), that comes to about $39 after one year, $213 after five years and $480 after ten. It ranks 7th of 9 on cost among similar mid-cap funds, which average 0.21%. Vanguard S&P Mid-Cap 400 ETF (IVOO) and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) each charge 0.07%.
How has DON performed over the long run?
DON returned an average of 9.51% a year over the 10 years through December 31, 2025, after fees. Its own index returned 9.91%, and the S&P MidCap 400 Index returned 10.72%. Over five years, DON did better than the S&P MidCap 400 Index, at 10.88% a year against 9.12%. In 2025 it gained 3.91%, while that index gained 7.5%. Its strongest calendar year since launch was 2013, at 33.3%.